Exchange contracts? Get a house survey?

Your mortgage lender or broker will require a valuation of your house with the aid of a surveyor, to make sure that the assets is a superb enough to lend towards. This isn’t a proper survey, and could only look very superficially on the property.
You can typically both get a house valuation upgraded to a full survey, or you could commission a separate house survey. This must tell you the whole thing you want to recognize approximately the property, and provide you with a warning to any potential issues you will face after you pass in. until you are very experienced with property, additionally it is really worth getting this done.

exchange contracts

Arrange a deposit for your house
Before you may exchange contracts, you need to arrange a deposit of 10% of the sale fee of the assets, and deliver it on your solicitor or conveyancer.
You need to both have the 10% deposit from the deposit you have arranged for the complete belongings, or is probably able to boost it from the sale of your existing domestic

Exchange contracts
Whilst you convert contracts with the seller you turn out to be legally dedicated to buying the belongings – and they are legally devoted to promoting it.
If you pull out after this with out due reason, your 10% deposit can be forfeit. See How do I change contracts?
You ought to most effective change contracts after you have got received the surveyors document, and any essential action has been taken
Earlier than you convert contracts, you need to agree a final touch date with the seller, approximately 4 weeks after the alternate
You can handiest alternate contracts after the solicitor/conveyancer is satisfied with the searches, a formal mortgage offer has been received, and preparations made for the ten% deposit.
You need to make certain which you have buildings coverage for the assets from the date of trade, as you’re accountable for it from then on

Dementia and Mortgages

Mortgage specialists Manchester Mortgages have been posting articles about Manchester related mortgage issues on their Facebook page for months (https://www.facebook.com/manchestermortgages/). Now with the Government plans for a dementia tax, they are offering specialist advice for those people affected by dementia.

A unique reminiscence Room has been created at a care domestic in extra Manchester to help those suffering from dementia.

it is was hoping the room at Fiona Gardens in Trafford will help jog the recollections of dementia patients and inspire different elderly residents to re-hook up with their past.

A body of workers have designed it to copy a Nineteen Fifties residing room, complete with stereogram, sewing gadget and typewriter and furnishings donated from local citizens.

Dementia influences more than 850,000 human beings within the united kingdom. Contact either Alan or Andy at Manchester Mortgages for further advice.

Buying a house in Prestwich

Increasing investment within the region’s food and drink scene has induced humans to sit up and take note of Prestwich, say mortgage broker specialists Manchester Mortgages (see http://manchestermortgages.co.uk/prestwich-mortgage-broker-advisor/).

North of Manchester city centre and bordering Heaton Park, it’s miles one of the maximum ideal commuter spots.

Laurence Juster, from Michael Herwald & Co property retailers, stated: “Prestwich now has a ‘buzz’ about it with wine bars like Cuckoo and all of the Shapes which might be increasingly more popular. And restaurants like Croma, Solita, and Tao’s all provide a taste of the world’s meals on our doorstep.”

With a number of extraordinary faculties and neighborhood parks it’s a success with households too.

Stuart Pearson, from Pearson Ferrier, said: ““There are always matters going on like Festwich unfastened tune pageant, Prestwich Carnival and Clough day. And there are a number of nearby societies and sports activities golf equipment too.”

Travel time?
Tram: Hopping at the tram at both Prestwich or Heaton Park stations can get you into Victoria teach Station in only 16 minutes.

Automobile: using is always a gamble inside the morning, with rush hour visitors absolutely adding time on your adventure.

However on appropriate day you could be within the metropolis centre in as few as thirteen minutes.

Bus: in case you don’t own a automobile, you gained’t be quick of a bus or two both. Catch the 97 at the Longfield centre and you could be at Shudehill Interchange in 24 minutes.

The a hundred thirty five additionally runs down Bury old street/Cheetham Hill street and takes a little longer, simply the 26 mins.

Cycle: It might not have the canalside surroundings, however heading down Bury New road will get you there simply as brief. It takes just 18 mins to get to Victoria from Prestwich city centre.

Residence fees?
depending on what you’re seeking out expenses in Prestwich and the encompassing areas can vary substantially.

And with growing popularity, they’re simplest set to upward thrust.

Boasting a burgeoning food and drink scene, it’s turning into a belongings hotspot – especially for families priced out of different areas.

The common house in Prestwich is presently £211,382 – an upward thrust of greater than £3,000 over the past three hundred and sixty five days.

Terraced residences inside the vicinity are a truthful bit cheaper though, going in the marketplace for £one hundred fifty five,662 on common.

What do they say?
Instructor Adrian Ellison, forty seven, said: “Prestwich usually changed into an exciting place to be, however right now its social, leisure and cultural milieus are burgeoning with marvelous alacrity.”

Every other resident, Neil Darlington, forty four, a commercial enterprise analyst, introduced: “As someone who commutes to Manchester town centre i would say that transport is remarkable.”

Mortgages in Wythenshawe

With all the new properties available in Wythenshawe, Greater Manchester (source: http://www.rightmove.co.uk/new-homes-for-sale/Wythenshawe.html), it’s not a surprise that many mortgage brokers and advisors are busy.

Manchester Council’s Strategic Regeneration Framework for Wythenshawe is worth reading as it discusses the Council’s plans for this up and coming area. New houses are being built and the area is the #1 growth area in the UK outside London.

Getting a mortgage for a house in Wythenshawe should be easy if you approach the right mortgage broker. This blog is has several articles that discuss mortgage brokers or lenders in Wythenshawe – simply look through some of the other articles and you’ll find links to plenty of other sites.

Wythenshawe is one of the cheapest areas to live in Manchester but with all the regeneration going on this is set to change. So there are many people advising you get a foothold in this developing of Manchester soon as your property prices should soar over the next 5-10 years.

Divorce Options

When you’re getting divorced, loan issues want to be addressed and taken care of if the 2 of you personal a home collectively. Even if your divorce decree states that your husband may be chargeable for the mortgage, you need to recognise that this might not cast off your legal responsibility in the eyes of the lender. while the two of you signed the unique loan papers, you and your husband agreed to be collectively chargeable for repaying the loan. This can be a very trying time for those involved and it’s a good idea to read as much as possible about people in a similar situation.

To dispose of this legal responsibility, the house will want to be bought or the loan will either want to be refinanced or assumed. you can also pick out to keep the mortgage the manner it’s far, but this is a unstable proposition. to help you apprehend what your options are, read the following methods to handle your divorce mortgage obligations.

Maintain the original loan

unluckily, that is the option that many people unknowingly make when they break up. In essence one partner agrees to hold the house, however the loan isn’t always modified after the divorce is finalized. If this is your state of affairs, comprehend that if your ex doesn’t make the mortgage payments, it may ruin your credit if your ex defaults at the mortgage.

maybe you need to preserve the co-ownership of the house and go away the unique mortgage intact until the children are grown. once the kids are gone, the residence can be bought and the proceeds can be split. To make this association paintings, each you and your ex should be able to cooperate in any such manner that the loan bills, taxes and protection are paid in a timely fashion.

Like I said earlier, this is a unstable proposition. initially, do you really want to hold that closely tied in your ex. Secondly, if your ex has any destiny liens filed in opposition to him, they can be connected to your private home. This ties up the identify and makes it tougher to promote the house. And subsequently, having an existing loan can make it hard to qualify for a new mortgage as it will boom your debt to profits ratio. you are higher off attempting some of the other divorce mortgage alternatives underneath.

Sell the residence

one of the simplest approaches to eliminate your legal responsibility from the loan while getting divorced is by using promoting the marital home. The proceeds from the sale will first be used to repay the present mortgage, and whatever that is left over after closing prices can then be break up among you and your spouse. commonly, it is a great idea to promote the house earlier than your divorce is finalized to save you destiny opportunities to combat over the income rate. Plus, neither of you may should fear about the other not making loan payments, retaining the house, or paying taxes and coverage.

One partner continues the home and Refinances the loan

That is a not unusual strategy when one spouse wants to preserve the house. In this case, the partner who desires the house commonly buys out the alternative partner’s equity share and refinances the mortgage into his or her own call. If you may be keeping the residence, it’s far vital to have your partner signal a cease declare deed which relinquishes his ownership and rights to the assets.

in case your spouse is the only who can be maintaining the home, it is very important that the mortgage be refinanced in his name best. as long as your name remains on the loan, you will stay accountable for the mortgage bills must your ex default at the loan.

if your divorce is not but finalized and your ex may be retaining the house, it’s a terrific concept to encompass language to your divorce decree that your spouse will refinance the house. along with this, you should additionally have your partner sign a Deed of agree with to comfortable Assumption. This gives you the right to foreclose and take again ownership of the house if he fails to refinance and ultimately defaults at the mortgage. After your divorce papers are signed and the whole lot is finalized, you want to inform the mortgage lender of your security interest and request that they notify you at your present day address of any missed bills.

One partner maintains the home and Assumes the loan

A divorce loan assumption can be a terrific alternative if your bank will approve it, but you have to realize that now not all mortgages are assumable. consequently, the primary element to do is to contact your loan lender to look if they will permit you to anticipate the loan.

If the mortgage lender will can help you anticipate the loan, you begin the method via filling out the belief settlement and a release of legal responsibility. The lender will also need documentation to decide if you could pay the mortgage primarily based entirely for your personal income. if you meet the lenders underwriting guidelines, you can also want to supply a copy of the give up declare deed in addition to a replica of your divorce decree. If the assumption is accredited, the lender generally executes a release of liability to the alternative spouse.

this can be a terrific option if your financial institution will allow the idea and you’ve got correct terms in your existing loan. despite the fact that there are assumption prices, they may be commonly lots less than what it might value to refinance the mortgage.

How Easy Is It To Get A Mortgage?

This is a question that we ask whenever we want to buy a house. Unless we’re fortunate enough to have a large amount of money we can draw on, sometimes, as discussed on this site it’s not that easy to get a mortgage.

how easy is it to get a mortgage?Getting our first mortgage is for some, the most difficult as once people have a foot on the property ladder, their house gives them some form of collateral which banks and building societies can use as an asset.

I discovered this blog post (http://frankcanon.blogbaker.com/2016/11/08/advisor-in-manchester) when writing this article which mentions a mortgage company who operate in throughout Greater Manchester. This is the type of company I wish I’d have known about when I was looking for my first mortgage. Turned down by most of the high street, I eventually found a building society that were willing to lend me the money I needed for my first house.

Getting my first mortgage was harder than I thought! – I had a very good job which was well paid and secure. Perhaps the only thing against me was I was fresh out of higher education and had no track record. Also I’d gone into debt as a student but who hasn’t these days?

So to answer my question, I think it’s often more difficult to get a mortgage than you’d think. After all, I was in a very good position (or so I thought) and still it was difficult for me to get a mortgage.

The lesson? shop around, often the best mortgage deals are not available on the high street but are to be found through mortgage brokers.

Cheap mortgages in Wythenshawe ?

It’s a big move, buying a house, but according to this article the BBC web site, there will soon be an abundance of cheap mortgages on the market that are available to many people.

Wythenshawe centreHaving these products on the market does not mean that they will be easy to find though. One of the major constraints to people getting the best mortgage deals that are available to them is the problem that many mortgage lenders only provide a small number of mortgage products and ignore all the others.

The reason they do this is usually profit. Companies will only offer the best deals for them. For example, if we take the up and coming Manchester area of Wythenshawe, many brokers provide mortgages to customers on which they (the brokers) will profit the most.

The best way to avoid falling into this trap is to use an independent mortgage lender. Why? Because independent mortgage lenders can offer products from the whole of the market rather than just a hand picked selected few. Again, going back to Wythenshawe, many mortgage companies will offer 20 or so mortgages to people wishing to move into the area, but by comparison there are actually 177 different mortgages available!

So, shop widely and wisely to find the best mortgage for you.

Buying a House in Bury

Bury is a growing an busy town situation north of Manchester but is still part of the Greater Manchester conurbation. Like many parts of up and coming areas, Bury is a very popular place for people to live and there are all sorts of houses available including new builds, those for first time buyer, plenty of larger properties for remortgagers, and many recently constructed buildings for people and families with previous poor and bad credit.

Bury landmark - the Town HallOne of the companies at the centre of house and home buying in the Bury area is Manchester Mortgages and I caught up with their Bury mortgage broker Andrew Butterworth. “There’s a large amount of potential for buying a house in Bury” he told me. “But not just Bury, the whole area is thriving with many applications for mortgages made every week”.

I asked Andrew why Bury has become such a popular place for people to want to live. “There are a lot of big selling points to Bury”, said Andrew. “Not only is there the proximity of the M62 motorway which makes Manchester, Leeds and Liverpool easy commutes, there’s the rural beauty of places like Ramsbottom just 10 minutes up the road”. “Also, Bury town centre has recently undergone a large redevelopment known as The Rock. This has bought a large number of large retail businesses into the centre of Bury such that it’s no longer necessary to have to hike all the way to the Trafford Centre to find the big shops”

What future did Andrew see for Bury? “I see it growing into a cosmopolitan hub with lots of different housing available for a very varied and differently skilled workforce” he replied. The closeness of the larger university cities means education and high tech business skills will be in demand but that’s not all, there will also be big opportunities in the service sector too. All these people will need housing and at the moment the mortgage applications I am handling are roughly 5 a week – which is a considerable amount. I broker a wide range of mortgage services including buy to let, first time buyers, remortgages and bad credit mortgages too. Of course I still see plenty of home movers mortgages” (mortgages aimed at people who are either up or downsizing)”.

“There’s a lot of interest in Equity Release too” says Andrew, and this is also accounting for the large amount of money being spent on new build properties throughout Bury and it’s surrounding areas. “Many of the new properties are for the older population – retirement homes and the like, but there are also flats and first time buyer homes being constructed too” he said.

Case Study – Buying a Second Home

A Holiday Home in the Shetlands

Shetland villageClients of ours had always had the dream of owing a property in the Shetlands and after many years of looking finally found a property that matched their requirements and was within their budget of £78,000.

They already owned a property in the UK which was their main residential home with an outstanding mortgage and now needed to secure a second mortgage on the dream property.

Now you may think this is a straight forward case of just arranging another mortgage – you would be wrong as it happens!

Firstly, not many lenders lend for second properties or holiday homes etc – Buy to Lets are a different thing altogether – Secondly the location of the property in the Shetlands reduces the lenders available – and thirdly the mortgage has to meet the lenders affordability criteria.

Many lenders will reduce the mortgage available on a second home / holiday home but we were able to recommend a lender that only required a 15% deposit and would lend in the Shetlands.

By taking the clients joint incomes and deducting their monthly residential mortgage as a commitment along with other loans they had outstanding we were able to meet the lenders affordability requirements.

The mortgage application was straight forward enough with lenders only requiring sight of latest payslips and a valuation report on the proposed property.

As the property was in the Shetlands the purchase came into Scottish Law and the clients therefore used a solicitor in Scotland.

As in line with English Law Scotland after 1 April 2016 now charges the equivalent of Stamp Duty of 3% on purchases up to £125,000 on any property that is not your main residence. ( see our Stamp Duty information ).

Once the lender had received a satisfactory valuation report and sight of the payslips a mortgage offer was produced.

After going through the legal process and completing the purchase our clients are now the proud owners of their dream home in the Shetlands.

Who says dreams do not come true – speak to your mortgage broker and make it happen !

Why use a mortgage broker ?

mortgage brokerGetting an appointment with a mortgage lender can be very restrictive… What is meant by that is they usually have set times of work ie 9 – 5 Monday to Friday or occasionally Saturday Mornings.

It has been estimated that an appointment with a major high street lender can take upto 2 ½ hours which would normally mean employed people would have to take off time of work using up holidays or a self employed person might have to lose ½ a days work which is then starting to cost money.

Another main stream lender who doesn’t offer the facility to go into a branch has recently advised it is taking upto 2 weeks to obtain a telephone appointment which can then be 1 hour long or potentially even longer.

This can very frustrating when you have found the house that you want to buy or if remortgaging arranging the finance for additional borrowing for perhaps home improvements.

Using a professional Mortgage Broker can take away all that inconvenience.

Most Mortgage Brokers will work around your working week understanding that 9-5 Monday to Friday is not always convenient.

They may have a office which you can go to outside these hours, say on the way home from work.

They may be able to offer an appointment at your place of work or visit you at home to discuss your mortgage requirements.

People today live busy lives and there is alot of call on your time and dealing with organisations who have set times of opening can be very difficult.

Being able to deal with a organisation who will work around your busy lifestyle can be much less stressful.

Imagine being able to be sat in the comfort of your home and have all the high street lenders and other specialist lenders (as not everybodys situation is the same) come to you.

Ask you what is important to you when arranging your mortgage not tell you what is available from a limited proposition and hope your circumstances meet that particular lenders criteria.

This is what a mortgage broker can offer they can look at what is available from the whole of the market not from a limited range, they can meet with you at a time and place convenient to you and take the time and effort to look at all options available.